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300413 2019 03 07 cgws 2019 03 07 40.67 402.64 83.65 99,002 20,568 12 / 45.76/0.00 S1070518090002 021-31829781 yangxiaofengcgws S1070518120002 0755-83554449 zhangzhengweicgws S1070518070001 0755-83515591 hesilin cgws TV 300413 2018E 2019E 2020E 9577.87 11451.30 13592.70 (+/-%) 221.00% 19.56% 18.70% 893.45 1380.39 1652.02 (+/-%) 1131.71% 54.50% 19.68% EPS 0.90 1.39 1.67 PE 46.32 29.98 25.05 TV TV 1/1/2/3 1/1/2/2 2019 TV + 6080 15s CPC 0.4 / 1%5% 2018 TV 1075 2019 8.9% 10.2% 2019 9.6% 2019 TV 15 + 19 / TV 596669 -60% -40% -20% 0% 20% 18-03 18-04 18-05 18-06 18-07 18-08 18-09 18-10 18-11 18-12 19-01 19-02 传媒 沪深300 芒果超媒 公 司 深 度 报 告 公 司 报 告 传 媒 证券研究报告 2 TV PS PS 5X6X Netflix PS 9X10X 5.5x 2019 TV + 44.5 TV 245 PE 2019 2 2019 8.295 80% 70% 4.75 13 PE 2019 10 4 2 10 60 80% 70% 20 291+245+60=596 25 364+245+60=669 20192020 13.8 16.5 PE 30X 25X 2020 12 31 3 1. TV . 6 1.1 + + . 6 1.2 TV . 9 1.3 2019 TV 9 1.4 TV “ + ” . 10 1.4.1 + . 10 1.4.2 . 14 2. + . 15 2.1 19 / . 15 2.1.1 . 15 2.1.2 . 18 2.1.3 . 18 2.1.4 2019 . 19 2.1.5 60% . 19 2.2 19 2.2.1 . 19 2.2.2 “ + ” . 20 2.2.3 2019 2 + 2 2019 + 3 . 21 3. 596669 . 22 3.1 TV PS . 22 3.2 PE . 24 3.2.1 . 24 3.2.2 . 25 3.3 . 26 4. . 29 4.1 . 29 4 1 TV . 6 2 TV . 11 3 TV . 16 4 TV . 16 5 . 18 6 2018 2019 . 21 7 2018 3 2019 2 PS-Band . 23 8 2016 3 2019 2 Netflix PS-Band . 23 1 . 6 2 . 7 3 TV . 7 4 TV20162018 . 8 5 TV . 8 6 TV2019 S . 9 7 2019Q1 TV . 10 8 TV . 11 9 . 11 10 2017 15 . 12 11 . 12 12 TV . 13 13 TV . 13 14 2018.22019.1 ( ) . 14 15 2018.22019.1 ( ) . 14 16 2019 / . 14 17 TV 20172018 . 15 18 TV 20192020 . 15 19 . 16 20 19 Q1 Q4 . 19 21 . 20 22 . 20 23 20172018 / . 21 24 2017 . 22 25 TV . 24 26 2017 . 24 27 . 24 28 19 . 25 29 80% . 25 30 . 25 31 . 26 5 32 2017 . 26 33 2017 . 27 34 . 27 35 20152017 . 27 36 . 28 37 20182020 . 28 6 1. TV 1.1 + + TV 60% 1 TV TV 20 22 22 24 22 10 “ “ 3 2017 N 20 TV 1 20:00-22:00 2017 2018 2 3 2019 2017
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